Myanmar president okays law on central bank autonomy

  • Business
  • Saturday, 13 Jul 2013

YANGON: Myanmar’s president has signed a law giving the central bank more autonomy from the Finance Ministry and opening the way for development of the fledgling banking sector.

State-owned MRTV television reported the enactment by President Thein Sein late on Thursday and said details would be published in newspapers yesterday. But there was nothing in any of yesterday’s papers, including the New Light of Myanmar, a state daily that carries official announcements.

The law is part of a series of economic and political reforms pushed through by the quasi-civilian government of Thein Sein, in office since nearly half a century of military rule ended in March 2011.

Rules governing the central bank have to be adopted within three months of the law coming into force.

“In fact, rules and regulations have already been drawn up. So we can expect them to emerge very soon,” Win Hteik, a senior central bank official, told Reuters.

He said the governor and three deputy governors would in future be nominated by the president and approved by parliament.

He also said the regulations could include details of how joint-venture banks could be set up with foreign lenders. — Reuters

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